Solana (SOL) has experienced a remarkable price surge of over 80% in the past 30 days, outperforming Bitcoin, despite a recent slump in spot trading volume and market depth. This surge has raised questions about whether FTX and its sister company, Alameda Research, are involved in manipulating the SOL market.
FTX and Alameda Research are known to have significant exposure to Solana, and as FTX faces bankruptcy, there is speculation that the company may need to liquidate assets to compensate depositors.
While Bitcoin rallied by over 25% in October, Solana skyrocketed by over 80%, reaching a new yearly high of $46, with a 25% increase in just 24 hours.
Blockchain analytics platform Nansen reported that FTX and Alameda Research wallets have been moving substantial amounts of SOL tokens to Coinbase and other centralized exchanges. The total value of these movements amounts to $110 million in SOL tokens.
This has led to suspicions within the community that a pump-and-dump scenario may be at play. Some suggest that FTX could be artificially inflating the price of SOL to create favorable exit opportunities. However, Nansen analysts have not provided a definitive comment on the possibility of price manipulation, indicating that nothing is obviously wrong with these transactions.
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On a more positive note, there has been a growth in on-chain metrics along with the increase in SOL’s price. For instance, Solana’s revenue has grown by 22% in the past 30 days, reflecting increased transaction fees and benefits for SOL holders. The situation surrounding SOL’s price surge and FTX’s involvement remains a topic of interest and speculation within the cryptocurrency community.
